Report: SA least affordable rent city among big cities in Texas
by ANDREW LOFHOLM
News 4 San Antonio
SAN ANTONIO-San Antonio is now the least affordable big city in Texas when it comes to rent, and it's only getting worse.
Darius Binion has lived in 5 different apartments in just the last 3 years.
I ask, "Just to find the right price?"
"Just to find the right price, for me and my family."
Rent will start out affordable, and then, "It goes up to $700-800 dollars in like 3-4 months."
He's considered a cost burdened renter-someone who spends more than 30 percent of their income for rent.
"Most of our money goes toward keeping our lights on."
According to a new report from San Francisco based "Apartment List," the percentage of San Antonians cost burdened has grown from 47% to 52% from 2007 to 2014. At the same time, the median income for renters increased by 10 percent, from around $28,000 to $31,000. But rent has grown by 25 percent, from $698 to $873.
San Antonio is now more cost burdened than Austin, Dallas, Fort Worth and Houston.
"Everybody loves our city, it's a crowded city, people are coming here in droves," says Clayton Allen, a Realtor for Apartment Guy. "The number of people who are coming to town, to the amount of apartments just got out of balance."
Areas like The Pearl have become prime real estate.
"People wouldn't have lived there 3-4 years ago, that's some of the hottest areas that you can go to, $1,200-1,300 for a one bedroom."
Allen says if you are renting, right now, winter months are the best time to sign a lease, when there are less people looking.
For Binion, he's been through the search process, and been let down by surging prices; "The only thing you can do is stay on your job 365 days a year."
He's trying to save up enough to buy a home one day.